BUILDING ON EXPERIENCE, SHAPING THE FUTURE...Decreasing unemployment rate, currently at 5.5%1 Toronto New York Boston Chicago Los Angeles San Francisco Washington, D.C. Office Rents

BUILDING ON EXPERIENCE,

SHAPING THE FUTURERioCan Investor Presentation – Fourth Quarter 2019

February 2020

RioCan’s consolidated financial statements are prepared in accordance with IFRS. Consistent with RioCan’s management framework, management uses certain financial

measures to assess RioCan’s financial performance, which are not generally accepted accounting principles (GAAP) under IFRS.

The following measures, Funds From Operations (“FFO”), Net Operating Income (“NOI”), Adjusted Earnings before interest, taxes, depreciation and amortization

(“Adjusted EBITDA”), Debt to Adjusted EBITDA, Same Property NOI, Interest Coverage, Debt Service Coverage, Fixed Charge Coverage, and Total Enterprise Value

as well as other measures discussed in this presentation, do not have a standardized definition prescribed by IFRS and are, therefore, unlikely to be comparable to similar

measures presented by other reporting issuers.

Non-GAAP measures should not be considered as alternatives to net earnings or comparable metrics determined in accordance with IFRS as indicators of RioCan’s

performance, liquidity, cash flow, and profitability. For a full definition of these measures, please refer to the “Non-GAAP Measures” in RioCan’s Management’s Discussion and

Analysis for the year ended December 31, 2019. RioCan uses these measures to better assess the Trust’s underlying performance and provides these additional measures so

that investors may do the same.

NON-GAAP MEASURES

RioCan data and statistics are based on the year ended December 31, 2019 information. Certain slides contain a peer comparison that is based on the respective issuer’s

reported information as at December 31, 2019, where available, otherwise the most recent reported figures were reflected. Peer group includes: First Capital Realty Corp. (FCR),

SmartCentres REIT (SRU), Choice Properties REIT (CHP), CT REIT (CRT), and Crombie REIT (CRR). All information presented is at RioCan’s interest unless otherwise

noted. CAGR refers to compound annual growth rate of a specific metric over a period of time.

PEER DATA PRESENTATION

Certain information included in this presentation contains forward-looking statements within the meaning of applicable securities laws including, among others, statements

concerning our objectives, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar

statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Certain material factors, estimates or

assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in these statements and actual results could differ materially from such

conclusions, forecasts or projections.

The forward looking information contained in this presentation is made as of the date hereof.

Additional information on the material risks that could cause our actual results to differ materially from the conclusions, forecast or projections in these statements and the

material factors, estimates or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information can be

found in our most recent annual information form and annual report that are available on our website and at www.sedar.com.

Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information,

future events or otherwise.

FORWARD LOOKING INFORMATION

Investor Presentation | RioCan | 2

http://www.sedar.com/

2016 2019 Growth

Population 151,563 197,868 31%

HH Income 98,529 115,111 17%

Within 5 km of RioCan Properties1

ABOUT RIOCAN


Percent of Annualized Revenue from Six Major Markets: 90.1% RioCan’s Reach

Office

Residential

Retail

Mixed-Use

Diversified mix of high quality assets in high growth markets

26 years of REIT

leadership with highly

experienced and deep

management team

and a proven track

record of driving

success and adding

value

Leading major market

portfolio

predominantly

comprised of

necessity-based retail

and urban mixed-use

properties in best-in-

class locations

Robust

development

pipeline of 29.0M SF

with 50% already

zoned and ~100%

located in major

markets including

~67% in the Greater

Toronto Area

Strong balance

sheet with

investment grade

ratings: BBB/BBB

(high) ratings by

S&P / DBRS

Calgary

Edmonton

Vancouver

Toronto

MontrealOttawa

4.9%

6.6%

9.0%

4.7%

12.5%

52.4%

1. Source: DemoStats – 2019 - Trends, ©2020 Environics Analytics


Continue to focus on major

markets, particularly

Toronto

Drive organic growth with

strong property / tenant mix

Unlock intrinsic value with mixed-use

development

Mitigate risk effectively

through prudent management

Provide unitholders with reliable and growing total returns

Key Differentiators

26 years of

REIT leadership

Leading major

market portfolio

Robust

development pipeline

Strong

balance sheet

Sustaining success and long term value

RIOCAN’S STRATEGIC PRIORITIES

Metric 2017 2019Total

Improvement

Major Market Presence (% of Revenue) 76.1% 90.1% +14.0%

GTA Presence (% of Revenue) 40.9% 52.4% +11.5%

Same Property NOI growth 2.1% 2.1% 1 +0.0% -

Average Net Rent PSF $17.75 $19.75 +11.3%

Committed Occupancy 96.6% 97.2% +0.6%

Development Costs on the Balance Sheet 2 $1,255M $1,369M +$114M

Debt-to-Adjusted EBITDA 7.57x 8.06x 3 +0.49x

Unencumbered Assets $7,667M $8,937M +$1,270M

FFO Payout Ratio 78.8% 76.9% -1.9%

Net Book Value Per Unit $24.85 $26.14 +5.2%

Unsecured Debt as % of Total Debt 56.1% 60.4% +4.3%

OUR QUALITY OF INCOME HAS NEVER BEEN STRONGER

Operating metrics are producing high quality income, supported by an improved balance sheet


1. If SPNOI from completed properties under development are included, SPNOI increased by 3.3% when compared to the same period in 2018

2. Includes properties under development and residential inventory as of respective year end

3. Excluding the $1.4B of development costs on the balance sheet, debt-to-adjusted EBITDA would be 6.3x

DEEP EXPERIENCE AND PROVEN TRACK RECORDCycle tested total unitholder return

Investor Presentation | RioCan | 6Source: Bloomberg

Total Return to UnitholdersAssuming $100 initial investment & distributions reinvested

Jonathan Gitlin

President &

Chief Operating Officer

Qi Tang

Senior Vice President

& Chief Financial Officer

John Ballantyne

Senior Vice President,

Asset Management

Jeff Ross


Leasing & Tenant Coordination

Andrew Duncan


Development

Jennifer Suess


General Counsel & Corporate Secretary

DEEP EXECUTIVE BENCH

Extensive industry knowledge and unparalleled experience

Oliver Harrison


Operations


Edward Sonshine O.Ont, Q.C

Chief Executive Officer


WHY INVEST IN CANADA

Source: CBRE – Canadian Market Overview, Feb 2020

Canada outperforms G7 countries across key metrics – strong population and economic growth

10.7%

6.9% 2.8% 2.7%0.7%

-1.7% -4.3%

Canada U.S. U.K. France Germany Italy Japan

Population Growth│G7 Countries │ 2019 - 2029

19.5%

17.1%15.6%

14.0%

9.4%

6.4% 5.7%

U.S. Canada U.K. France Germany Japan Italy

GDP Growth│G7 Countries │ 2019 - 2029

6.4%5.4%

4.3%3.7%

0.7%

-0.9% -3.3%

Canada France U.S. U.K. Italy Germany Japan

Employment Growth│G7 Countries │ 2019 - 2029 Benefits of Canada

Concentrate in

Major Markets

Political

Stability

Educated

WorkforceDeveloped

Economy

Clean

Environment

Streamlined

Immigration

CANADA vs. U.S.

Key differences in REIT investment fundamentals

Higher Retail Investor

Ownership in Canada• CAN: ~65% vs US: ~10% resulting

in higher demand for yield1

Stronger Retail Operating

Environment• Lower retail space per capita

(CAN: 15.9 sf vs US: 23.9 sf)2

• Fewer competing tenants per

category

• Lower e-commerce penetration

given higher distribution cost due

to Canada’s geographic diversity

More Significant

Barriers to Entry• Limited supply of land for

development in key urban

centers

• Tighter zoning by-laws

mitigating oversupply of

retail space

• More conservative lending

practices limiting over

building and over risk-taking

Investor Presentation | RioCan | 91. Source: RBC Capital Market

2. Source: CBRE Research, year-end 2019

70

90

110

130

150

170

190

70 80 90 100 110 120 130 140

Pittsburgh


TORONTO – AN EVOLVING WORLD CLASS CITY

Recognized as one of the world’s most liveable cities with population growth far outpacing key North American Cities

Concentrate in

Major Markets

LOW-COST, HIGH-QUALITY BUSINESS ENVIRONMENTToronto offers the highest quality for the lowest cost, when compared to other

prominent cities1

1. Source: fDi Benchmark (2017) – based on a operation with 5,000 employees (across various positions) and 500K SF of office space

2. Source: StatsCan 2016 Census, US Census Bureau American Community Survey 2016

POPULATION CHANGE, 2011-2016Over the period, Toronto added 433,537 people, growing faster than others

-

100,000

200,000

300,000

400,000Q

ualit

y

Cost

Toronto

Chicago

Philadelphia

Atlanta

BostonWashington DC

San Francisco

New York City

Highest population growth

in Canada due to

immigration and migration


TORONTO FAVORABLE TO U.S. GATEWAY MARKETSConcentrate in

Major Markets

♦ Toronto stats Tremendous growth

prospects in office, retail

and residential rents

relative to key U.S. cities

Canada’s economic center

for various industries

including finance,

technology, education,

arts, and life sciences

Decreasing unemployment

rate, currently at 5.5%1

Toronto New York Boston Chicago Los Angeles San FranciscoWashington,

D.C.

Office Rents

(USD)2 45 78 67 42 45 88 60

Retail Rents

(USD)2 26 26 15 18 27 32 28

Residential

Rents (USD)2 1,120 2,870 2,260 1,525 2,310 3,350 1,810

GDP per

Capita (USD)2 $44,271 $81,450 $88,478 $67,882 $77,803 $111,435 $80,771

“Technology companies are

hiring more workers in Toronto,

attracted by the region’s diverse

population of 6.4 million, a deep

pool of skilled labor and cultural

similarities to major U.S. cities

such as San Francisco, New

York and Chicago.”

- Wall Street Journal

1. Source: StatsCan Table 14-10-0354 Regional unemployment rates used by the Employment Insurance Program,

three month moving average seasonally adjusted (January 2020)

2. Source: CBRE Research, CBRE Econometric Advisors, Q4 2019, in USD, $1USD = $1.30CAD, GDP per Capital is 2019 estimate

RioCan well positioned with strong property and tenant mix in highly desirable locations

90.1% 91.0%

70.8%

46.3%

52.4%

37.0%

21.0%


Leading Six Major

Market Presence1

Leading Toronto

Presence1

Concentrate in

Major Markets

LEADING PORTFOLIO IN HIGH GROWTH URBAN CENTRESOutperforming our peers1

N/A

1. As measured by % of revenues based on the respective issuer’s reported information as at December 31, 2019, except for Crombie REIT, which is

most recent available data as at September 30, 2019

N/A N/AN/A N/A

2.2%2.6% 2.5%

0.0%

1.0%

2.0%

3.0%

4.0%

2017 2018 2019

HIGH-PERFORMANCE GROWTH ORIENTED PORTFOLIO

Consistently delivering high-quality, growing income

High occupancy and strong net rent growth (Canadian commercial only)


Drive Organic Growth

Net Rent PSF CAGR since 2015: 3.7%

94.0%95.6% 96.6% 97.1% 97.2%

$17.11 $17.59 $17.75

$19.07 $19.75

$14.00

$16.00

$18.00

$20.00

90.0%

95.0%

100.0%

2015 2016 2017 2018 2019

Total Portfolio

Same Property NOI

Guidance for 2020

1

1. Target exited from Canada in 2015

Strong same property NOI growth in the major market portfolio

DIVERSIFIED PORTFOLIO PROVIDES CONSISTENT GROWTHPrimarily necessity-based and service-oriented property and tenant mix


Tenant Mix

Grocery / Pharmacy /

Liquor / Restaurants

28.2%

Personal Services

22.0%

Value Retailers13.6%

Specialty Retailers

10.7%

Furniture & Home9.6%

Department Stores & Apparel

8.4%

Movie Theatres4.4%

Entertainment/Hobby/Electronics/Books3.1%

4%

since 2007

6%

since 2007

8%

since 2007

74.5% OF RENT FROM NECESSITY-BASED

AND SERVICE-ORIENTED TENANTS

No Single Tenant > 5% of Annualized Rental Revenue

62.9% OF RENT FROM MIXED-USE URBAN ASSETS

AND GROCERY ANCHORED CENTERS

Property Mix


Mixed-Use / Urban,22.0%

Grocery Anchored Center, 40.9%

Open Air Center, 27.2%

Enclosed,9.9%

SIGNIFICANT VALUE UPSIDE COMPARED TO PEERS

Despite sharing a similar tenant mix, RioCan is trading at lower multiple than key peers



Source: TD Securities and Company Reports

Price to FFO Multiple

Completed / Under Construction1

• 2,700 residential rental units

• ~920 condo/townhouse units


Unlock Intrinsic Value

VALUE CREATION THROUGH MIXED-USE DEVELOPMENTHighest percentage of development pipeline zoned amongst peers with a strong focus in the Toronto market

~98% of projects are

mixed-use residential

projects

~100% located in Canada’s

six major markets;

~67% located in the GTA

Construction to Start by 20211

• 2,100 residential rental units

• 2,100 condo/townhouse units

Future estimated density, 7.9M sf, 27%

Zoning applications submitted, 6.5M sf, 23%

Zoning approved,

14.6M sf, 50%

Total Development Pipeline

(29.0M sf)

Highest

zoning

entitlements

among peers

1. At 100% of the project

WHAT DRIVES TORONTO RESIDENTIAL RENTAL MARKETUnlock

Intrinsic Value

POPULATION GROWTH

PRIMARILY DRIVEN

BY IMMIGRATION

RISING OWNERSHIP COSTS AND

MORTGAGE STRESS TESTS

PUSHING FAMILIES TO RENTSUPPLY / DEMAND IMBALANCE

RENT GROWTH % OF POPULATION USING TRANSIT TO GET TO WORK

0.0%

2.0%

4.0%

6.0%

8.0%

2004 2006 2008 2010 2012 2014 2016 2018

YoY Growth

YoY Rental Growth Rate Trendline

Source: CBRE Research, CMHC, October 2019 and Q1 2020 Source: Census 2016, StatsCan, US Census Bureau, American Community

Survey, 1-year Estimates, S0801, Commuting Characteristics by SexInvestor Presentation | RioCan | 17

Market '04 -'17 '18-'19

Toronto +2.1% per year +7.0% per year

Vancouver +3.5% per year +6.1% per year

Annual Rent Growth

0%

10%

20%

30%

40%

50%

60%

Under Construction: 4.7M sf

Completed Development: 0.2M sf

Future Development:

Total (at RioCan’s Interest): 19.3M sf

2.3M sf

0.8M sf

16.2M sf

UNLOCKING THE FULL POTENTIAL

OF HIGH DENSITY TRANSIT-ORIENTED LOCATIONS IN TORONTO

RioCan’s selected developments mapped to Toronto’s rapid transit system

Legend

Demographics, 5km radius

Average population1: ~322K

Average household income1: ~$129K

Post-secondary education: ~62%

Billy Bishop Toronto City Airport

CN Tower

Toronto Pearson

International Airport

UnionStation

TTC – Existing

TTC – Under Development

TTC – Station

Planned Rapid Transit Line


Investor Presentation | RioCan | 181. Demographic data within 5km radius of RioCan’s development pipeline in the GTA

Source: DemoStats – 2019 - Trends, ©2020 Environics Analytics

WHAT DRIVES OTTAWA RESIDENTIAL RENTAL MARKETUnlock

Intrinsic Value

CANADA’S CAPITAL WITH

GROWING POPULATION AND CIVIL

SERVICE SECTOR

GROWING TECHNOLOGY HUB

(HOME OF SHOPIFY)LOW INVENTORY AND LAGGING

SUPPLY

HIGH RENT GROWTH

Source: CBRE Research, Canada Mortgage and Housing Corporation, Q1, 2020 Investor Presentation | RioCan | 19

LOW NEW RENTAL SUPPLY

Market New Supply InventoryNew Supply as

% of Inventory

Vancouver 5,590 110,753 5.0%

Calgary 1,863 40,689 4.6%

Edmonton 1,777 69,883 2.5%

Montreal 12,303 590,305 2.1%

Ottawa 1,133 63,768 1.8%

Toronto 3,372 315,630 1.1%

VALUE CREATION IN TRANSIT-ORIENTED LOCATIONS IN OTTAWAUnlock

Intrinsic Value


Under Construction: 0.4M sf

Completed Development: 0.1M sf

Future Development: 2.2M sf

Total (at RioCan’s Interest): 2.7M sf

Legend

Demographics, 5km radius

Average population1: ~166K

Average household income1: ~$99K

Post-secondary education: ~65%

O Train System – Existing

O Train System Line Extension

Bus Rapid Transit

RioCan’s selected developments mapped to Ottawa’s transit system

1. Demographic data within 5km radius of RioCan’s development pipeline in Ottawa


$574.9M

Total

Estimated Net

Project Costs

$32.1M

Estimated

Stabilized

NOI

$779.2M

Estimated

Future Stabilized

Value 1

5.6%

Estimated Yield on

Total Costs

$230.4M

Total Estimated

Incremental

Value Creation2

PROVEN MIXED-USE EXPERIENCE AND VALUE CREATIONUnlock

Intrinsic Value

Total estimates for five recently completed development projects:

King and Portland Centre, Toronto

Top 10 most Influential Buildings

of the 2010s (Urban Toronto)

ePlace, Toronto

With direct links to two subway lines

Frontier, Ottawa

Bathurst College Centre, Toronto

Sage Hill, Calgary

1. Excludes condo gains

2. Includes $26.2M of condo gains. Of the total estimated incremental value creation of $230.4M, $229.0M has been recognized through property fair

market values, applicable interim and fee income and applicable condo gainsInvestor Presentation | RioCan | 21

eCentral & eCondos, Toronto

• 401 units (86%) leased as of February 19, 2020

• Rents averaging $3.90 per sf (for market rent

units)

• Stabilization expected by Spring 2020

• $118.7M estimated incremental value creation

including inventory gains of $14.5M (100%) and

5.2% development yield

Frontier (Gloucester Phase One), Ottawa


• Rents averaging $2.49 per sf

• Phase One is now stabilized

• Zoning approved for four residential towers (up to

840 units). Construction for 209-unit Phase Two is

underway

• $18.7M estimated incremental value creation (at

RioCan’s interest) and 5.8% development yield

PROVEN MIXED-USE EXPERIENCE AND VALUE CREATIONStrong leasing velocity for our first two rental towers



11 YV Condos, Toronto83% of the 593 units sold as of Feb 19, 2020

Estimated value creation range1 of 15%-17%;

Winner of Multi-Family Community of the Year Award by the

National Association of Home Builders

Windfield UC Tower Condos, Oshawa (GTA)74% of the 503 units sold as of Feb 19, 2020

Expected value creation range1 of 17%-20%


CONDO/TOWNHOUSE DEVELOPMENT AND VALUE CREATION

Investor Presentation | RioCan | 231. Based on estimated IFRS cost basis including, but not limited to, land and capitalized interest during the development phase


MORE VALUE CREATION UNDERWAYStaggered Development Delivery – Sample Projects

47 residential mixed-use projects, 20,000-residential-unit pipeline

Delivering best-in-class purpose-built rental units and condos along Canada’s most prominent

transit corridors, RioCan LivingTM shapes the communities where Canadians shop, live and work

2020 2021 2022+

Brentwood Village

(Brio)

Dupont Street

(Litho)

College & Manning

(Strada)

Westgate Phase I

(Rhythm)

Elmvale Acres – Phase I

(Luma)

Yonge Sheppard

Centre Residential

(Pivot)

The Well


1. Maximum permitted is 15%. RioCan targets this metric to be no more than 10%

(except for short-term fluctuations as large projects are completed)

As at

December 31, 2019Target

Properties Under Development (“PUD”) & Residential Inventory $1.4B N/A

PUD and Residential Inventory as % of Gross Assets – Per Line of Credit

and Credit Facilities Agreements9.0% ~ 10%1

Investment in Greenfield Development and Residential Inventory as % of

Unitholder Equity - Per Declaration of Trust4.4% N/A


PRUDENT APPROACH TO DEVELOPMENT

Current PUD and InventoryBalance

Annual Development Spend Annual DevelopmentCompletions

Target PUD and InventoryBalance *

$1.4B

$400M-$500M< $1.5B

$300M-$600M

RioCan plans to primarily self fund development

Manage Risk Effectively

8.06x8.12x

Debt-to-Adjusted EBITDA

• Solid balance sheet with strong Debt-to-Adjusted

EBITDA and leverage ratios relative to peers

• Laddered debt maturity profile with mostly fixed-

rate debt to manage interest rate risk

• Access to multiple sources of capital

• Liquidity and financial flexibility with ample

availability on credit facilities and an $8.9B

unencumbered assets pool, generating 58.5% of

annualized NOI

RioCan Peer Average

1

1. Excluding the $1.4B of development costs on the balance sheet, RioCan debt-to-adjusted EBITDA would be 6.3x2. Peer group includes: FCR, SRU, CHP, CRT, and CRR; comparison is based on the respective issuer’s reported information as at December 31, 2019,

except for CRR, which is most recent available data as at September 30, 2019 Investor Presentation | RioCan | 26

DISCIPLINED CAPITAL ALLOCATION STRATEGYContinually improving our balance sheet and lowering Debt-to-Adjusted EBITDA Manage Risk

Effectively

Strong Growth

Multiple Capital

Sources

Low Leverage

42.1%

44.7%

Leverage

2

2



COMMITTED TO ESGSystematically embed environmental, social, and governance (ESG) considerations

2020 Sustainability Report to be Issued in July 2020

41% of management

are female

Habitat

for Humanity

$100,000 donation made and

140 employees volunteered

their time in Build Days

Greenhouse Gas (GHG)

Emissions Verified

in accordance with ISO 14064-3

BOMA BEST

certified

>50 properties certified, as of December 31, 2019

99% of Operations

spending is from Canadian suppliers

Sustainability Policies Community, Employee

Volunteering, Procurement, Business Ethics

Environmental

Management System

and Utility Data

Management System

aligned to ISO 14001

Tenant Engagement

Survey

First ever survey of our top 20 tenants in major markets

77% of respondents

would recommend RioCan

GRESB Score

Improved Public Disclosure Score and achieved a 77% increase

in survey score over two years

77%



EMBEDDING SUSTAINABILITY DAY TO DAYMitigating our environmental footprint across our business and in all new developments

• Named Canada’s 2020 Clean50 Top Project Award for

Sustainable Commercial Real Estate Development

• Integrated a low-carbon, resilient deep lake water

cooling and heating system at our flagship development,

The Well, decentralizing energy supply and reduces load

on the electricity grid for this flagship development as well

as for surrounding neighborhoods

• Developed a high efficiency geothermal HVAC system

in Frontier, our first operational RioCan Living building in

Ottawa, Ontario to reduce carbon emissions and reduce

operating costs

• Established Sustainability in Developments Policy to

ensure low-carbon, energy and water efficiencies are

incorporated in all development designs and new builds

• Increased the number of properties achieving Building

Owners and Managers Association Building Environmental

Standards (BOMA BEST) certification to over 50 or nearly

40% of our portfolio

• Implemented the RioCan Impact Scorecard program,

effective for 2020, to better integrate corporate

performance with an individual employee’s annual

objectives in performance evaluation and bonus program;

each eligible employee is required to include an ESG

specific goal

Our ESG commitment in action:

APPENDIX

CASE STUDIES


Ownership

100%

With ~63% of office leases expiring

in next five years, which are below

current market rents

NLA on Completion

(at 100%)~1.0M sf

Leasing Status86% (retail)

100% (office)

Major TenantsLA Fitness, Longo’s,

and Cactus Club Cafe (Q1 2020)

Demographics within 5km radius:

Population: 356K

Average HH income: $148K

• Located at one of Toronto’s busiest intersections, with

access to the Yonge and Sheppard subway lines

• This mixed-use development will feature 399k sf of office

space, 309k sf of retail space, and 258k sf of residential

space (361 units) upon completion (at 100%)

• Two phased redevelopment underway:

- Phase I: A transformative overhaul of the retail and

office space to modernize the overall look and feel of

the property was completed in 2019

- Phase II: Residential tower under construction (2020),

targeted LEED Gold

CASE STUDY | CREATING COMPELLING MIXED-USED CENTRES

Investor Presentation | RioCan | 301. Net of certain working capital adjustments

Yonge Sheppard Centre & Pivot Unlock Intrinsic Value



• eCentral is a 36 storey, 466-unit residential rental building in Toronto


• Rents averaging $3.90 per square foot (for market rent units)

• Unparalleled access to the Yonge subway and the new Eglinton Crosstown LRT

• Part of mixed-use ePlace which also includes:

• 22k sf of retail (flagship TD Bank and foodservice)

• 20k sf commercial condo

• 58 storey, 623 unit eCondos condominium tower (fully sold out,

possession in 2019)

CASE STUDY | ePLACE (eCENTRAL & eCONDOS)

1. Net project costs include the purchase price for the second 50% interest in this property acquired in Q3 2019, net of interim and fee income during the

development period

Ownership 100%

Construction Start 2015

Construction Completion 2019

Total Cost1 $219.8M

Stabilized Value $324.0M

Value Creation ($M) $104.2M

Value Creation (%) 47.4%

Condo Sale Gains (@ 50%) $14.5M

Total Project - Value

Creation$118.7M

Stabilized NOI $11.3M

Estimated $118.7M of value creation



Population: 513K


Source: DemoStats – 2019 - Trends,

©2020 Environics Analytics

Ownership50% JV with

Killam REIT



Total Cost 1 $33.5M






Frontier, Ottawa:

• 23 storey, 228-unit residential rental

building

• 220 units (97%) leased with rent per

square foot averaging $2.49, as of

February 19, 2020

• Located on a 7.1 acre portion of

RioCan’s Gloucester Silver City

Shopping Centre

• Adjacent to the new Confederation

LRT line at the Blair Station in

Ottawa

• Sustainable development including

a geothermal energy system

CASE STUDY | FRONTIER (GLOUCESTER PHASE ONE)

Zoning has been approved for four residential

towers on the site with up to 840 units

RioCan Gloucester Silver City shopping centre

tenant mix is strong and diverse: Cineplex theatre,

Chapters, Goodlife and numerous restaurants


1. Total costs are net of applicable interim and fee income during the development period

Phase 1



Population: 135K






CASE STUDY | KING & PORTLAND CENTRE & KINGLY CONDOSUnlocking value through urban mixed-use development

• Urban Toronto, transit-oriented location with

frontage on King St

• One of the first projects in the RioCan/Allied

urban intensification joint venture.

• 646k sf mixed-use development (at 100%),

including Kingly, a 132-unit condominium

building

Ownership50% JV with Allied

Properties REIT



Total Cost1 $90.5M




Condo Sale Gains $11.7M

Total Project - Value Creation $52.7M


1. Total cost includes the total project costs of the commercial component of the project net of applicable interim and fee income

during the development period


Newly constructed office space is fully

leased to Shopify (183k sf) and Indigo

(79k sf). Targeted LEED Platinum

Existing 55k sf of previously existing

adjacent office space is fully leased

with significant rent upside potential

~15k sf of retail space fully leased to restaurant

and food service curated to suit a dense,

growing and desirable demographic


Population: 555K


Kingly Condos: 132 condominium

units sold out, exceeding price

expectations. Possession of the units

by purchasers commenced in Q3 2019

and was completed prior to the end of

2019

Top 10 Most Influential Buildings of the 2010sAs selected by Urban Toronto, Jan 2020



Proposed

Located in downtown Toronto’s west side, The Well is a ~3.1M sf of

net leasable area (at 100%), first-of-its kind take on urban mixed-use

in Canada.

• 1.1M sf of office (84% pre-leased as of February 19, 2020 with

tenant possessions expected in Q1 2021)

• Construction of the 593-unit residential rental building (The Well

Building 6) is scheduled to commence in Q3 2020 Innovative

low-carbon, resilient cooling and heating technology

• Targeted LEED Platinum for retail and office component and

TGS Tier 2 for The Well Building 6


CASE STUDY | TRANSFORMING TORONTO’S WEST SIDEThe Well Unlock

Intrinsic Value

• Located at the intersection of the Yonge subway

station and the Eglinton Crosstown LRT Toronto

• In 2016 completed the transformation from a

traditional retail/office space into a vibrant mixed-

use destination centre (BOMA BEST Certified):

˗ Full redevelopment and expansion of the

retail space

˗ Office tower renovation and façade

improvements

˗ Addition of digital screens to drive ancillary

revenue


CASE STUDY | TRANSFORMING AN ICONIC LOCATIONRioCan Yonge Eglinton Centre

Driving value through demand in an iconic location:67.4% increase in office rent since acquisition

Driving growth through strategic

remerchandising. Addition of Sephora,

Cineplex VIP Cinemas, Winners and

multiple national food service operators

69% or $9.98 growth in blended

office and retail net rent psf since

acquisition

Perfectly positioned through location

& tenant mix to serve a high growth,

desirable demographic


Population: 513K


1. Total cost includes purchase price and revenue enhancing capital expenditures since acquisition but does not include maintenance capital expenditures

Acquisition Date 2007

Total GLA 1,059,134 sf

Ownership 100%

Total Costs 1 $333.0M

Valuation Q4 2019 $674.9M



Value Creation CAGR 6.1%

NOI growth CAGR 8.0%

Estimated $341.9M of value creation since acquisition




2300 Yonge Street. P.O. Box 2386. Toronto, ON. M4P 1E4 | (T) 1-800-465-2733 or (416) 866-3033

Documents

BUILDING ON EXPERIENCE, SHAPING THE FUTURE...Decreasing unemployment rate, currently at 5.5%1 Toronto New York Boston Chicago Los Angeles San Francisco Washington, D.C. Office Rents